Great Information from Loreena Yeo about the Extension and Expansion of the Tax Credit
Via
Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY):
| FEATURE |
Jan 1 – November 30, 2009
Rules as enacted February 2009 |
December 1 – April 30, 2010
Rules as enacted November 2009 |
| First-time Buyer – Amount of Credit |
$8000 ($4000 married filing separate) |
$8000 ($4000 married filing separate) |
| First-time Buyer – Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
-Same- |
| Current Homeowner – Amount of Credit |
No Provision |
$6500 ($3250 married filing separate) |
| Effective Date – Current Owner |
No Provision |
Date of Enactment |
| Current Homeowner – Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
| Current Homeowner – Home Purchase Price |
N/A |
There is no provision that the "repeat" homebuyer must purchase a property more expensive than the one sold. Only that the home purchase must be less than $800K. |
| Termination of Credit |
Purchases after November 30, 2009.(Becomes April 30, 2010 on Date of Enactment.) |
Purchases after April 30, 2010 |
| Binding Contract Rule |
None |
Written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close |
| Income Limits |
$75,000 – single, $150,000 – married, Additional $20,000 phase out |
$125,000 – single, $225,000 – married,
Additional $20,000 phase out |
| Limitation on Cost of Purchased Home |
None |
$800,000 |
| Purchase by a Dependent |
No Provision |
Ineligible |
| Antifraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
Purchase by a Dependent
There was no age limitation on the original bill and amended for the November Tax Credit. Taxpayer must be at least 18 years old to qualify for the credit. For married taxpayers, the taxpayer shall be treated as meeting the age requirement if the taxpayer or spouse meets the age requirement.
Repeat Buyers
There is no criteria that home buyers must "move up" in house. Only that they
lived in the house for the past 5 out of 8 years as a primary residence. The new
purchase price must not exceed $800,000.
Date of Enactment = November 6 2009.
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Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Copyright © 2009 by Loreena Yeo (3:16 team
REALTY)
Originally Posted on
First Time Home Buyer Tax Credit Extension & Expansion
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